GBTC

Bitcoin’s value soared by over 4% as the Grayscale Bitcoin Trust (GBTC) witnessed its lowest daily outflow of $17.5 million on Wednesday. This event marks a potential shift in the crypto market, reflecting a change in investor sentiment amidst volatile conditions. Bitcoin ETF Flows Turn Positive For The First Time in the Week Earlier in the week, GBTC faced substantial outflows totaling over $450 million. However, the outflow dramatically decreased by Wednesday, signaling a possible market stabilization. Michael Sonnenshein, CEO…

Grayscale CEO Michael Sonnenshein predicted that outflows from the Grayscale Bitcoin exchange-traded fund (GBTC) will stabilize and reach an equilibrium. Grayscale has been facing stiff competition in the spot Bitcoin exchange-traded fund (ETF) market since January, when the U.S. Securities and Exchange Commission (SEC) approved the product. Grayscale CEO Sees Outflows Reducing According to Sonnenshein, in a recent Reuters podcast, some of Grayscale’s outflows were due to selling linked to the bankruptcy settlements of FTX and other defunct crypto companies.…

Embattled crypto lender Genesis Global Capital has continued to ramp up efforts to pay up creditors after filing for bankruptcy protection in January 2023. As part of these efforts, Genesis has now reportedly sold off the entirety of its Grayscale GBTC holdings to acquire a substantial amount of Bitcoin in order to implement its repayment strategy.  Genesis Converts GBTC Shares To Bitcoin In Preparation For Debt Settlement According to a Friday report by Bloomberg Law, Genesis finalized the sale of…

Cathie Wood’s ARK 21Shares Bitcoin exchange-traded fund (ETF) recorded net outflows exceeding $87 million on Tuesday, marking the highest outflow since its inception, as per data from Farside Investors. The outflows exceeded the amount seen from Grayscale’s GBTC, which recorded $81.9 million in outflows on the same day. Ark Invest Sees Second Day of Outflows On April 2, Ark 21Shares Fund’s (ARKB) outflows amounted to $87.5 million, equivalent to roughly 1,300 BTC. This marked the second consecutive day of outflows…

Bitcoin (BTC) continues its price decline into the third day of April. BTC’s value momentarily dipped to $64,673 during the early trading hours in Asia. Nonetheless, a slight recovery was noted, with the cryptocurrency trading at $66,286 at the time of this report. The recent dip also marks Bitcoin’s lowest price point for the past seven days. Spot Bitcoin ETFs Outflows Stir Market Concerns Analysts are linking the recent downturn to outflows from US-traded spot Bitcoin exchange-traded funds (ETFs). According…

The post Spot Bitcoin ETFs Saw $243 Million Inflows Yesterday, Despite GBTC Outflows appeared first on Coinpedia Fintech News Yesterday was a good one for the crypto market as Bitcoin ETFs saw a $243 million inflow, completely overshadowing the grim news of a $299 million outflow from the Grayscale ETF GBTC. This indicates a return of institutional confidence in Bitcoin ETFs, just as Bitcoin is finding its ground again. BlackRock’s IBIT ETF took the lead with an impressive $323 million…

Bitcoin exchange-traded funds (ETFs) have significantly impacted the crypto market since their debut in January. Even marker observers have been impressed with the record performance of these financial products. However, Grayscale’s Bitcoin Trust (GBTC), one of the prominent products, has experienced consistent outflows, sparking concerns about its future trajectory. Grayscale’s GBTC Bitcoin Reserve Depletes Arkham Intelligence, a blockchain analytics firm, has forecasted that GBTC could deplete its Bitcoin reserves within the next 96 days if the current rate of redemptions…

Shares of the Grayscale Bitcoin Trust are once again trading at a record low relative to the fund’s net asset value. Each share is now 36.7% less valuable than the underlying Bitcoin that’s backing it.  Per Grayscale’s website, the total value of its 643,572 BTC under management is roughly $12.4 billion.  This puts its holdings per share at about $17.9. Meanwhile, its actual share value is currently just $11.46, Since shares of GBTC can’t be liquidated as easily as with…

As Bitcoin's demand as a reserve fund grows, more and more publicly traded companies are opting to invest in the cryptocurrency. As per the new quarterly report from Grayscale Investments, more than a billion-dollar were poured into the investment firm. Making it the best performing quarter for its investment products and the third consecutive quarter with massive growth. Grayscale Bitcoin Trust (GBTC) got the largest cash inflow out of all its products, over $720 million. Meaning the trust has absorbed…